LG Announces Third-Quarter 2023 Financial Results

A picture of LG Twin Towers in the daytime

High Performance, Strong Profitability Reflect Progress in Advancing Busines
Portfolio, Accelerating B2B Business and Procuring New Growth Engines

SEOUL, Oct. 27, 2023 — LG Electronics Inc. (LG) today announced third-quarter 2023 consolidated revenue of KRW 20.7 trillion and operating profit of KRW 996.7 billion, both the second highest third-quarter figures in the company’s history. The noteworthy performance was driven by both the company’s core home appliance business and vehicle solutions, one of its future growth engines. Home appliances more than doubled its operating profit year-over-year while vehicle solutions recorded an all-time high operating profit.

The strong performance reflects the company’s smooth progress in the execution of its future vision for 2030, leading to solid revenue and profits despite a prolonged economic slowdown. The fundamentals of LG’s 2030 vision, announced last July, is to focus on B2B expansion, non-hardware business model innovation as well as the development and acquisition of new growth engines with the aim to go beyond a home appliance company to truly become a Smart Life Solutions company capable of connecting and expanding diverse spaces and experiences.

The revenue growth was greatly bolstered by expansion in B2B, including automotive parts and HVAC systems – a key factor behind the second highest third-quarter figure in the company’s history. Revenue in B2B grew significantly to account for approximately 35 percent of overall revenue this year.

B2B segments are less influenced by economic conditions compared to B2C, and stable revenue and profits can be expected once the business is properly set up. Another merit is the lock-in effect that can help promote the development of a strong long-term relationship with clients and customers. LG plans to develop additional growth opportunities in the area by going beyond merely supplying B2B products to expand into providing high added-value business solutions in connection to the supplied products. The goal will be to boost B2B revenue to over KRW 40 trillion by 2030.

Third-quarter operating profit increased by more than 30 percent both year-over-year and quarter-over-quarter. A key contributor to the high profitability was the company’s business model innovation – combining non-hardware solutions such as content and subscription services with traditional hardware products such as home appliances and TVs. In the past, a one-off revenue was recorded when a product was sold. This has now transformed into generating recurring revenue from the use of solutions on platforms installed in the millions of products used by consumers of LG devices.

In developing and acquiring new growth engines, LG aims to focus on investing in promising businesses that not only show high potential but can also create synergy with existing businesses. Investment into electric vehicle charging is a prime illustration of such strategy. The company has plans for global expansion beginning next year in collaboration with diverse partners.

The seamless operation and solid progress of the company’s 2030 vision’s three pillars – leading growth of company (B2B), generating profit (non-hardware) and boosting enterprise value (new growth engines) – is a strong demonstration of LG’s advancement toward achieving Triple 7 (average growth rate and operating profit of 7 percent or more and enterprise value to EBITDA ratio of 7 or more).

LG will continue to focus on accelerating its business portfolio transformation efforts into the fourth quarter, seeking to maintain high-growth in B2B with vehicle component solutions taking the lead, while at the same time growing sales of key product lineups as the end-of-year peak season approaches. Simultaneously, the company plans to optimize efficiencies through enhanced demand forecasting to support stable profitability going forward.

The LG Home Appliance & Air Solution Company generated third-quarter revenue of KRW 7.46 trillion and an operating profit of KRW 504.5 billion. The operating profit more than doubled year-over-year, attributable to strong competitiveness in overall business operations including manufacturing, procurement and logistics. Revenue maintained strong versus last year’s third quarter, aided by strategic repositioning of product lineups in response to softened demand as well as expansion of B2B lineups including HVAC, parts and built-in appliances. LG plans to leverage the electrification and decarbonization trend in HVAC systems to accelerate its B2B growth momentum. For example, in the United States, the company recently committed to a series of actions supporting California’s goal to install six million electric heat pumps by 2030. LG is also actively expanding its HVAC portfolio with new Dedicated Outdoor Air Systems. In the fourth quarter, the company will seek to spearhead a paradigm shift in home appliances with the LG ThinQ UP 2.0 expanding business into services and subscriptions. Four upgraded features for the ThinQ UP have already been released in North America, accelerating the speed of customer experience innovation.

The LG Vehicle component Solutions Company’s third-quarter revenue was KRW 2.5 trillion and operating profit KRW 134.9 billion – the highest among all third-quarter revenue and operating profit. The company is accelerating its pace of growth based on stable management of its supply chain and an order backlog that is expected to reach KRW 100 trillion by the end of the year. The business unit is expected to exceed KRW 10 trillion in annual revenue for the first time this year, setting the stage to become a key driving force in LG’s overall growth. Growth is still expected to be high due to the accelerating transition to electric vehicles and soaring demand for high added-value parts, despite some concerns of a temporary slowdown of demand in the automotive parts industry. In light of such developments, LG plans to maintain its growth momentum by focusing on high added-value projects and acceleration of regional production at the LG Magna plant in Ramos Arizpe, Mexico.

The LG Home Entertainment Company recorded third-quarter revenue of KRW 3.57 trillion and an operating profit of KRW 110.7 billion. The company maintained its profitable growth by effectively managing marketing expenses despite increased LCD panel prices, while also diversifying profit sources based on the growth of content and services business built on its smart TV platform. The company is accelerating its transition from a product-based business to a platform-based media and entertainment business as the content and services market continues to grow. To this end, in addition to expanding collaboration with various content providers, the company is upgrading TV operating systems to expand the content experience of customers. The number of TVs powered by webOS, the foundation of LG’s content and services business, is expected to reach 300 million units by 2026.

The LG Business Solutions Company’s third-quarter revenue was KRW 1.33 trillion with an operating loss of KRW 20.5 billion. Both revenue and profitability weakened due to the softening of demand for IT products. As challenging business conditions persist, the company continues to innovate customer experiences with premium IT lineups such as commercial displays and foldable laptops that provide customized solutions, while also making progress in fostering the electric vehicle charger business, one of LG’s new growth engines.

Earnings Conference and Conference Call

LG Electronics will hold a Korean / English conference call on October 27, 2023, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.

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LG’s Industry-First Wireless OLED TV Named to TIME’s List of Best Inventions of 2023

A man stands in a gray living room, looking at the LG SIGNATURE OLED M3 model mounted on the wall

LG’s SIGNATURE OLED M 97-Inch TV Honored for Delivering 4K Without the Cables

ENGLEWOOD CLIFFS, N.J., Oct. 25, 2023 — This week, TIME revealed its annual list of the Best Inventions, naming LG Electronics’ (LG) industry-first 97-inch LG SIGNATURE OLED M to the list which features 200 extraordinary innovations changing our lives. Launched in the U.S. this past August, the LG SIGNATURE OLED M is the world’s first OLED TV with 4K 120hz wireless connectivity and is available in 97-, 83- and 77-inch models.

The TIME’s Best Inventions of 2023 list is compiled by nominations from TIME’s editors and correspondents around the world, and through an online application process, paying special attention to growing fields—such as AI, green energy, and sustainability. Each contender is evaluated on a number of key factors, including originality, efficacy, ambition and impact. See the full list here: time.com/best-inventions-2023.

Of the new list, TIME’s editors write: “The result is a list of 200 groundbreaking inventions (and 50 special mention inventions)—including the world’s most powerful supercomputer, a game-changing entertainment venue, and a new shape—that are changing how we live, work, play, and think about what’s possible.”

Drawing on a decade of OLED innovation to deliver exceptional viewing experiences, the LG SIGNATURE OLED M is a testament to LG’s technical and design prowess. The LG SIGNATURE OLED M features a Zero Connect Box to wirelessly transmit high-quality video and audio to the screen at 4K 120Hz, leaving the area around the screen free from the visual distractions of cables and TV accessories. The LG SIGNATURE OLED M’s wireless solution represents true innovation and a crucial step forward in the evolution of TVs.

To learn more about the LG SIGNATURE OLED M, visit LG.com.

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LG Broadens ‘Mission for the Future’ Initiative, Enabling More Innovators to Change the World

New Process Supports Year-Round LG NOVA Collaboration With Startups,
With the Goal to Accelerate New Ventures Aimed at Creating a Better Future

SAN FRANCISCO, Oct. 25, 2023 — LG NOVA, LG Electronics’ North American Innovation Center, has launched the next version of its Mission for the Future program designed to discover, build and grow highly impactful mission-driven new businesses in collaboration with startups and entrepreneurs. The program, accumulating more than 3,500 submissions from startups over the last two years, is shifting to a year-round process to increase its ability to deeply engage with selected companies to advance technology innovations and build new ventures that will help create transformational positive change in the world.

Now starting its third year, the program is designed to drive the growth of innovative ideas across the key market areas that have a positive impact on people and the planet, including digital health, cleantech, futuretech and the smart life. The cleantech category includes companies working on software and platform for efficient energy management, sustainability, ESG initiatives for better planet health. While futuretech is focused on the convergence of new emerging tech such as artificial intelligence, virtual and augmented reality, robotics, automation, sensor technologies and others to create innovative applications that solve for challenges that people face every day. LG’s objective is to find new market opportunities by collaborating with companies to create innovative solutions and business ideas, build and test them in the open markets and accelerate market growth with support from LG’s global brand and resources.

The call for submissions opens today. Startups, companies and entrepreneurs are invited to submit their ideas to work and grow their company with LG, a global brand leader in consumer electronics, at www.lgnova.com/join-the-mission. If selected, the companies will have the opportunity to work closely with the LG NOVA team in a multi-month Corporate Accelerator Program to accelerate business growth, receive recommendations for investments through LG NOVA’s capital partners (including the NOVA Prime Fund and the NOVA Capital Alliance), and explore the potential of creating new businesses underneath the LG brand and portfolio. Studies have shown after five years, businesses nurtured in a business incubator have a survival rate of 87 percent compared to a rate of 44 percent for startups without support.

“Over the past two years, we’ve built a great community of innovators, established a strong network of capital partners and made new strides in collaborating with companies outside of LG to build new businesses. In this third year, we’ve created a new process that will enable us to be more agile at addressing changing market needs and launching solutions that address real-world problems to drive transformational change for a better tomorrow,” said Dr. Sokwoo Rhee, LG Electronics senior vice president of innovation and head of LG NOVA.

The Mission for the Future initiative is also set to broaden its scope to grow innovation by creating more opportunities for idea sharing and collaboration with the wider innovation community through discussions taking place this week at LG NOVA Innovation Festival at the Hibernia in San Francisco, on October 25-26.

Rhee said LG NOVA’s program has demonstrated “remarkable success in fostering interest, innovation and collaboration across industries.” Last year, LG received more than 2,100 applications, with 756 applications focusing on digital health, 783 applications in futuretech and 574 applications in cleantech. Several companies that have participated in the program have not only accelerated their business growth but have also made notable contributions to digital health, cleantech and futuretech.

By joining the Mission for the Future initiative, the companies will join a community of innovators working to create innovative technological solutions to advance and improve people’s lives. In this initiative, spearheaded by LG NOVA, companies will have opportunities to collaborate, come together to discuss key topics for entrepreneurs and innovators and network with investors, corporate partners and institutions to find opportunities for business growth.

The call for submissions open today. Learn more about the opportunity at www.lgnova.com/join-the-mission.

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Supporting California’s Climate Goals with Electric Heat Pumps

California, a western U.S. state, is currently experiencing a climate crisis, with droughts, wildfires and extreme heat everyday realities. To address this, last year, the state outlined new targets and actions to reach its 2030 climate goals and achieve net carbon neutrality by 2045. To create climate-ready and climate-friendly homes, the state set a goal to install 6 million electric heat pumps by 2030.

Committed to building decarbonization in the state and across the United States, LG announced its commitment to a series of actions supporting California’ electric heat pump goal during a landmark two-day summit in California exploring affordable, reliable and equitable pathways to electrifying buildings.

(From left to right) Chris Ahn, president of LG Electronics USA Air Solutions, and David Hochschild, chairman of California Energy Commission

Home electrification represents a major inflection point for LG as the company is transformed into a smart life solutions company over the next several years, according to Chris Ahn, president of LG Electronics USA Air Solutions.

Chris Ahn, president of LG Air Solutions USA (right), was joined by executives from other leading HVAC manufacturers at the California “Clean and Healthy Homes for All” building electrification summit

To help California achieve its goal of installing 6 million heat pumps by 2030, LG committed to expand manufacturing capacity, collaborate with the California Energy Commission (CEC) to bring heat pumps into the mainstream and maximize efficiency and load flexibility to ensure that heat pumps are good citizens of the electric grid. LG was joined by other leading manufacturers of home comfort and water heating equipment agreeing to support California’s aggressive electric heat pump goals.

J. Andrew McAllister, lead commissioner of CEC (second from the right) briefing LG executives and guests during the two-day summit

“Partnerships with industry are critical in aligning policy and reality,” said J. Andrew McAllister, lead commissioner on energy efficiency at the CEC. “This new commitment will ensure grid-friendly heat pumps are widely available and help consumers understand why they’re the better choice for both climate and comfort.” He applauded LG for “stepping up to strengthen California’s ability to deliver on our goal to install 6 million heat pumps over the next six years.”

According to the California Energy Commission, heat pumps are known as highly efficient electric technology for water and space heating that produce fewer emissions than traditional HVACs and water heaters. With California’s 2022 Energy Code establishing heat pumps as the standard for new single-family homes, more than 1.5 million are currently installed throughout California.

During California’s “Clean and Healthy Homes for All” building electrification summit, hosted by the CEC and the Electric Power Research Institute in Sacramento, LG highlighted its leadership in building decarbonization. On display there were a number of the company’s innovations led by its all-electric heat-pump HVAC system, heat pump water heater and heat pump clothes dryer, as well as its residential energy storage system, induction range and the unique WashTower™ smart laundry system.

Speaking on behalf of LG during the summit’s spotlight panel, LG Electronic USA Senior Vice President Steve Scarbrough underscored the significance of heat pump technology for home electrification and more. “At LG, we see heat pump products as integral parts of a smart home ecosystem, complementing connected appliances and, equally important, the integration of energy storage and energy management with advanced software and platforms,” he said. “The market transformation enabled by heat pump technologies will be accelerated by delivering on the long-awaited promise of the smart home, coupled with today’s emphasis on a zero-carbon lifestyle.”

(From left to right) Ryan Yoon, director of ESS Engineering & Business Management at LG Electronics USA (LGEUS); Jae Ahn, vice president of the ThinQ Platform business at LGEUS; JS Lee, senior vice president of compliance at LGEUS; Chris Ahn, president of LG Air Solutions USA; Steve Scarbrough, senior vice president at LG Air Conditioning Technologies USA; Andrew McAllister, CEC’s lead commissioner on energy efficiency; Kathryn Kynett, advisor to Commissioner McAllister; Sean Kim, LGEUS policy and regulatory compliance director; David Kim, LGEUS senior policy manager; and Vincent Saputo, policy analyst at LGEUS. Brantly Varner, LGEUS Home Appliance Vice President (not pictured), also participated in the summit

ENERGY STAR Partner of the Year LG Electronics USA is an active member of the U.S. Environmental Protection Agency’s Manufacturers’ Action Councils for heat pump water heaters and heat pump HVAC systems and participates in the Advanced Water Heater Initiative. LG also is the first home appliance member of the Building Decarbonization Coalition, which is paving the way to America’s clean energy future.

The California Energy Commission is leading the state to a 100 percent clean energy future. It has seven core responsibilities: developing renewable energy, transforming transportation, increasing energy efficiency, investing in energy innovation, advancing state energy policy, certifying thermal power plants and preparing for energy emergencies.

Contributed by LG USA

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How Listening to Customers Goes a Long Way in the U.S.

L.UP members posing together for a picture

To provide tailored lifestyles to customers across various countries, a global company like LG must listen intently to the diverse needs of each one. An effective way of doing so is by directly asking local users how the company can improve their daily lives, as the team can develop exceptional experiences together using this valuable feedback. To facilitate this, LG has developed a customer advisory group in South Korea and the United States, fostering a new channel of communication.

L.UP is the company’s own customer advisory group in Korea with its members representing a diverse cross section of society. The members of L.UP consult directly with LG designers, who incorporate their feedback into the final products. They play an indispensable role in the development of LG appliances, having already helped the company develop several innovations, including the LG Styler ShoeCare and ShoeCase.

The North American Advisory Group, which was established this year, takes these efforts to the next level in such an important market. Composed of customers passionate about providing feedback on their appliances and sharing their personal experiences and opinions, this group provides a platform to share their novel ideas via online meetings, surveys and home visits.

The North American Advisory Group

Having been an online-only affair since its inception, the advisory group gathered in person for the first time at the LG North American Headquarters in Englewood Cliffs, New Jersey. LG organized this event to meet its valued contributors in person as a way of expressing gratitude for all their hard work and dedication, while also increasing engagement with this important audience. Over three days, each member enjoyed a hands-on experience to learn more about the brand and its products and discuss their pain points with insightful LG employees.

Sam Kim, LG Electronics USA’s Home Appliance President, and Lee Hyang-eun, managing director of the Customer Experience Innovation Division at LG Electronics from Korea welcomed the North American Advisory Group at LG’s New Jersey facility, which overlooks the Hudson River and New York City’s famous skyline.

Following the welcome speeches, members of the advisory group visited the home appliance showroom to experience various kitchen and laundry set-ups that let them envision their dream interior, including LG STUDIO and LG SIGNATURE zones. Here, LG’s Product Management (PM) team introduced the unique features and characteristics of its advanced home appliance lineup, which included previews of upcoming products to the delight of those in attendance. The dialogue continued as they toured the elegantly designed Signature Kitchen Suite “Skyline Showroom” demonstration kitchen as well.

Throughout the afternoon, the PM team listened to the groups’ personal stories and feedback about their experiences with the company’s products, both positive and negative. At the end, members of the advisory group were yearning for more, and the company already is considering more of these kinds of meetings in the future to better understand the minds of consumers.

LG aims to reflect local opinions into its product development process. The company acknowledges that the North American market has significantly different tastes and preferences compared to the Korean market, which in part comes down to them having contrasting housing structures and installation environments. This means that no matter how popular a product is in Korea, this success doesn’t always translate across borders, making the discovery of new applications and effortless management and installation essential.

LG will continue to bring its customers into the loop when developing new products and improving upon existing ones, as a way of inspiring greater innovation that bolsters its home appliance leadership and reminding customers that it cares about their concerns.

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Analyzing and Managing Air Pollutants to Create Better Life for All

LG engineer measuring the concentration of air emissions at the site

Photo Credit: WHO

Air pollution is one of the greatest environmental risks to public health globally. According to the World Health Organization (WHO), the combination of outdoor air pollution and household air pollution accounts for nearly 6.7 million premature deaths yearly. What’s more, in 2019, about 99 percent of the world’s population were found to be living in areas where the air quality failed to meet WHO guideline levels.

Conscious of the need to ensure clean air for consumers around the world, LG has continuously been making efforts to be more accountable for the air pollutants its factories emit. The company strengthened its internal standards for measuring air and water emissions, stronger than legally-required levels, and designed specific emission reduction systems considering the different chemicals and raw materials used at each site.

In 2021, the company brought expert environmental analysts together and created the Environment Pollutant Testing Lab at LG Digital Park in Pyeongtaek, South Korea, with the goal to measure the concentration of air emissions at the site and enhance the reliability of the measurements.

And, last year, LG partnered with the Environmental Resource Associates (ERA) to further enhance its ability to analyze and manage the air pollutants generated by the company’s business sites. Since then, LG Digital Park has been recognized as a Laboratory of Excellence for achieving 100 percent acceptable data in the proficiency testing (PT) standards of Air and Emissions.

With ERA’s PT standards recognized by the U.S. Environmental Protection Agency (EPA) and adhering to ISO/IEC standards, the Laboratory of Excellence accreditation is awarded to those who meet Satisfactory Performance Evaluation levels for all submitted analytes.

In 2022, LG reported ten analytes for review, including heavy metals (copper, zinc, lead, nickel, cadmium and chromium), volatile organic compounds (benzene, ethylbenzene and styrene) and hydrogen chloride, while acrylonitrile, methylene chloride and formaldehyde were added this year.

LG is committed to achieving its goal of reducing greenhouse gas (GHG) emissions by 54.6 percent by 2030, compared to 2017 figures. This year, the company’s global sites emitted 92.7 million tons* of direct and indirect GHG emissions from its facilities around the world, a reduction of 22 million tons compared to the previous year.

“We will continue efforts to become greener based on our world-class capabilities in analyzing air pollutants,” said Park Pyoung-gu, senior vice president at LG Electronics Safety & Environment Division. “Moreover, we plan to further strengthen administrative efforts to prevent environmental incidents.”

To learn more about the company’s ESG efforts, visit LG Newsroom.

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* Expressed in tons of CO2 equivalent (tCO2eq).

LG’s Bold Innovation in the World of Digital Creativity

The LG SIGNATURE OLED M3 model displayed at the Hong Kong Digital Art Fair with three LG Smart TVs to its right on the wall

LG welcomes you to step into a world that challenges the boundaries of digital creativity, exploring remarkable possibilities with the fusion of art and technology. The company illustrates a commitment to inspire audiences to reconsider established artistic expressions and actively supports artists in unlocking their creative potential with the evolution of digital art.

LG proudly marked its return to the Digital Art Fair (DAF) as an Exclusive Screen Partner for the second consecutive year. Held in Hong Kong from October 20 to 23, LG OLED illuminated the realm of digital creativity at the event, captivating the art world with innovative technologies. LG’s unique LG Diversity of Art exhibition zone presented a range of digital artworks to encourage attendees to reimagine the boundaries between digital art and the real world with the integration of art into everyday life.

At DAF, LG unveiled the OLED SIGNATURE M3, the world’s first wireless OLED TV¹, for a stunning debut in Hong Kong. Notably, LG left a remarkable impression with this cutting-edge wireless OLED TV by showcasing “14-III-72 #223,” a renowned painting by Korean master of abstract art, Kim Whanki, brilliantly reimagined through digital expression. Following its initial appearance with the M3 in Freize Seoul, LG’s presentation of this digitally expressed masterpiece at DAF in Hong Kong served as a source of inspiration for both artists and art enthusiasts. The wireless 97-inch OLED TV faithfully portrays the vibrant details of the thousands of red dots that make this piece so special, elevating the immersive experience for art enthusiasts with advanced wireless video transmission and a massive screen.

The 97-inch OLED M3 boasts self-lit OLED technology that provides unrivaled picture quality on an ultra-large screen and Zero Connect technology that allows instant audio and video transmission at up to 4K 120Hz., for a distance of up to 10 meters²between itself and the screen. This cutting-edge innovation enhances the freedom and flexibility of the audiovisual experience, providing a super-smooth and immersive viewing experience.

Furthermore, as an Exclusive Screen Partner, LG provided around a hundred LG OLED units to showcase a diverse collection of digital art pieces at the event. Visitors were engaged in a world of vivid and dynamic digital art created by popular artists, including Refik Anadol and Yang Yongliang.

Another highlight at DAF, LG presented unique media art pieces with the LG MAGNIT 136-inch Micro LED display in collaboration with LED.ART, a renowned media art content platform, leaving visitors in awe of the vibrant colors and unparalleled quality. Immersive visual effects and ultra-fine details were powered by Micro LED display technology, with LG MAGNIT display’s accurate color purity and wide viewing angle bringing the art to life. This partnership highlights LG’s commitment to actively participating in art events and signifies a new chapter in LG’s technological advancements in the realm of art.

LG also introduced the LG PuriCare™️ AeroFurniture Bored Ape Edition, featuring four bored ape avatars from the renowned NFT collection owned by Francesco Lee (aka DAC4Academy). Merging digital art with the versatility of home appliances, this unique collaboration offers a multifunctional art appliance, underscoring a compelling connection between digital art and household products.

LG PuriCare™ AeroFurniture Bored Ape Edition will be launched as a limited edition with only 100 pieces. The four different designs will inspire customers who pursue interior design with new ways to express personal taste, redefining the possibilities between digital art and the real.

LG continues to deliver enriching art experiences, exploring the close connection between art and technology through inspiring exhibitions and compelling collaborations. Stay tuned to the LG Newsroom for the latest updates and stories.

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¹ World’s first and only wireless OLED refers to OLED TV with 4K 120Hz wireless connectivity between TV and screen.
² Applies only when the Zero Connect Box is placed in a direction facing the screen.

LG OLED Brings Cinematic Joy to Busan International Film Festival

Two filmmakers receiving the LG OLED New Currents Award on the stage of the Busan International Film Festival

Photo credit: BIFF

As the curtain rose on the 28th Busan International Film Festival (BIFF), a wave of cinematic joy and festive excitement swept through the vibrant streets of Busan, South Korea. A hub for cinematic celebration, BIFF is renowned for nurturing emerging talent and connecting cultures through the universal language of film. With this spirit, the LG OLED Awards made their debut at the festival this year, joining hands with BIFF to not only support the film industry but promote rising directors and independent filmmakers in South Korea and Asia.

LG presented two awards at the festival to acknowledge outstanding innovation in visual aesthetics. The LG OLED New Currents Award gives recognition to emerging Asian filmmakers’ first or second feature films, and the LG OLED Vision Award celebrates independent Korean filmmakers with high quality and unique vision.

(From left to right) Director Hur Jang and Director Jeong Beom, recipients of LG OLED Vision Award

A panel of industry experts from the film and content creation industries collaborated to determine the recipients of the distinguished awards, and after careful deliberation, the much-anticipated winners were recently announced at the KNN Theater in Busan. Thai director Patiparn Boontarig received the LG OLED New Currents Award for his exceptional work, ‘Solids by the Seashore,’ while Korea’s Jeong Beom and Hur Jang earned the LG OLED Vision Award for their cinematic achievement, ‘The Berefts.’ In addition to these honors, both winners were granted LG OLED evo 77-inch models and a cash prize.

At the ceremony, the LG OLED evo 77-inch G3 model played video clips to introduce the award entries on the stage, and the LG SIGNATURE OLED M (Model 97M3) was also showcased, representing a decade of excellence in OLED technology. Visitors were impressed with the world’s largest 97-inch OLED TV which boasts wireless capabilities that can transmit 4K resolution content at a 120Hz refresh rate.

(from left to right) Director Hur Jang and Director Jeong Beom, recipients of LG OLED Vision Award (Photo credit: BIFF)

“Through the establishment of the LG OLED New Currents & Vision Awards, we are supporting the independent film creators in Korea and Asia to try new technical attempt in their artwork,” said Kate Oh, vice president of the Brand Communication Division at the LG Home Entertainment Company. “In addition, we will continue to inspire movie fans around the world to experience infinite possibilities of visual artistry with LG OLED TVs that offers the differentiated viewing experiences.”

“While we have been considering the means to support filmmakers in Korea, we have achieved a positive outcome through closer cooperation with LG Electronics,” said Jung Hanseok, programmer for Korean cinema at BIFF, who expressed his anticipation of the new collaboration. “We will continuously support emerging and independent filmmakers in Korea and Asia.”

By hosting the LG OLED Awards at BIFF, the company had the opportunity to open possibilities to talented film directors around the world while also showcasing the technological prowess of LG OLED TVs, which have been chosen by many filmmakers as reference displays for their projects thanks to impressive contrast and unparalleled color representation.

Along with establishing the LG OLED Awards at BIFF, the company is actively promoting the optimal viewing experience provided by LG OLED with various filmmakers and colorists. Consumers can even visit the LG OLED Movie Club to check out content recommended to watch on LG OLED TVs.

For more stories on how LG OLED inspires the world of cinematic art and the passion of movie lovers, stay tuned to LG Newsroom.

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Explore Why Life’s Good When You Dive in Smile First

“Optimism is a hard thing to choose. But once you do, you’ll see why Life’s Good.”

Last month, LG released its new brand film titled “Life’s Good When You Dive In Smile First,” capturing the essence of the company’s Life’s Good brand promise. The film aims to inspire customers, especially global youth to face bold challenges with an optimistic attitude toward life, particularly during difficult times like these.

Life is full of trials and tribulations, and as a result, many have lost their innate optimistic view on the world. But, if we have courage, we can reconnect to that optimism and change our perspective. With the brand film, LG aims to encourage people around the world to approach any challenge they face with an optimistic perspective and mindset, and seize life’s opportunities.

At the start of the 90-second film, the protagonist has a look of apprehension and a lack of confidence as he challenges himself to ride a longboard. However, as the film progresses, he gains his composure, gradually learning how to balance and finally gliding gracefully with a big smile on his face, driven by the optimism within him. Filmed in one take without any screen cuts, the character’s raw emotions are on display, complimented by the warmth of soft, golden hues and soothing background music.

Directed by Emmy-Award winning Nicolai Fuglsig, the brand film is narrated by a young boy who represents the inner optimistic voice within all of us. This narration could symbolize the protagonist’s inner child, filled with optimism, or the innate optimism that everyone carries inside. Throughout the film, the voice strengthens the main character to overcome his fear, allowing him to truly enjoy the moment to the fullest.

The film is a love letter to all those who dare to awaken the optimist in their hearts and encourages viewers to dream beyond their limitations. The heroes who allow themselves to be brave, according to Fuglsig, “venture out of their comfort zone, using optimism to overcome challenges, big or small.”

The brand film resonated deeply with global audiences, quickly going viral and garnering overwhelmingly positive feedback across LG’s official social media platforms. Notably on LG’s YouTube global channel alone, the film garnered more than 36 million views in just three weeks. One viewer from Instagram commented, “It was inspiring to see how someone’s anxiety of trying something new changed into full enjoyment by making a bold decision.” Another viewer stated, “the film helped me reflect because I myself have run into setbacks and was scared to take on challenges, but I was reminded that I can do anything I set my mind to with courage and hope.”

LG has been operating its Life’s Good campaign globally since August with a philosophy to inspire people to face challenges with an optimistic approach even when life has so many setbacks, changes and reasons to doubt. The company has been actively promoting its brand values with a new visual identity on major landmarks and outdoor billboards to present LG as a young and dynamic brand.

Seeing the world with optimism is what Life’s Good is all about, and LG will continue alongside consumers every step of their brave journey.

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[On the Job] LG StanbyME Go, the Seamless Content Enjoyment Anywhere, Anytime

Three LG representatives sitting around a display of a campfire on the LG StanbyME Go model

In this installment of On the Job, we go inside LG Home Entertainment Company’s Total Experience Development Department, Product Planning Team and Design Lab.

Have you ever missed your TV when traveling or on a camping trip? With LG StanbyME Go, users no longer need to be without their TVs as they can now watch their favorite shows anyplace, anytime with minimal effort.

Let’s get a behind-the-scenes account of how LG StanbyME Go came to be.

(From left to right) Park Ji-won, senior manager of the HE Product Planning Team, Kim Yong-seok, senior manager of the HE Design Lab, and Park Ho-sung, leader of the Total Experience Development Department

“Our journey began with the pledge to create something entirely new, driven by bold ideas,” said Park Ji-won, senior manager of the Home Entertainment (HE) Product Planning Team, who also commented on the exceptional teamwork of LG’s engineers, product planners and designers who contributed to crafting a truly unique TV that had never been seen before.

With the successful launch of the LG StanbyME, developing a new product with fresh ideas was no easy task. LG began by observing how users interact with the StanbyME and noticed many users bringing this product outdoors to consume content while enjoying outdoor activities. “Seeing customers taking StanbyME outdoors was beyond our expectations and this inspired ideas for covers and bags to protect the screen, but we ultimately decided to focus on improving the product itself,” said Park Ji-won.

Park Ji-won, senior manager of the HE Product Planning Team

“In regard to materials, we considered durability and chemical reactions which was like solving a 1000-piece puzzle. There is no standard or reference for developing and designing such products because this is a totally new product that’s never been seen before,” said Kim Yong-seok, senior manager of the HE Design Lab. “The journey has been far from easy, as we had to conduct countless durability tests, including dropping the case from specific heights and having six people stand on it to ensure its viability.” According to Kim, they selected plastic as the primary material for its exceptional chemical stability, confirmed through tests with various sunscreens commonly used during outdoor activities.

Kim Yong-seok, senior manager of the HE Design Lab

At first, camping wasn’t the main concept of LG StanbyME Go. As LG explored creative ideas to enhance usability and portability, they listened to valuable feedback from consumers who requested bags provided as branded goods. After months of consideration, LG’s designers and engineers struck upon the concept of ‘a bag.’ “Given my decade-long experience with camping, I realized it could be adapted for outdoor camping use,” said Kim. “At this point, confidence in the product started to grow.”

The teams of designers and engineers considered ideas like adding wheels and a dedicated stand to enhance versatility and convenience, allowing users to enjoy entertainment experiences free from space limitations. After analyzing the feedback from over 400 customers around the world, the team realized that people preferred a TV they can watch both indoors and outdoors without restrictions. “People who go camping frequently want a product they can use at a campsite as well as in their living room,” said Park Ho-sung, leader of Total Experience Development Department. Based on this feedback, the developers considered the content and features that everyone can enjoy, which led them to the digital fireplace.

Park Ho-sung, leader of the Total Experience Development Department

But they didn’t stop there and focused on how to deliver more intriguing features which led to the invention of front-firing speakers and a suitcase cover that was not featured in the earlier model. “The turntable concept was our eureka moment, and we’re delighted by the positive reception from consumers for the turntable music skins,” said Park Ho-sung.

LG StanbyME Go also provides users with high convenience as it automatically turns its screen on when the case is opened. Even when turned off, the screen proves useful as it can be set to display images that help users relax or heighten the atmosphere.

Furthermore, the stunning details and colors provided by Dolby Vision elevate visual content, while Dolby Atmos supports an immersive, three-dimensional audio experience that brings content to life. With the holiday season fast approaching, LG StanbyME Go even comes with games that can keep the whole family entertained and make it easy to create memories that last a lifetime.

In addition to unmatched functionality, the LG StanbyMe Go case features compartments for storing remote controls and the power cable for convenience. Thanks to the corrosion resistance and premium materials, it is a durable case that reduces the risk of damage and scratches when taken outdoors.

LG StanbyME Go is aligned with customer trends by providing an elevated viewing experience on the go. LG is thrilled at the prospect of enriching people’s lives and everyday experiences in new, unexpected ways. The company will continue to think from the customer’s perspective, striving to offer the features and content they seek while enabling lifestyles that resonate with them completely.

At IFA 2023, LG StanbyME Go garnered prestigious recognition from numerous media, including ‘Best of IFA Awards.’ Notably, popular tech media outlets commended LG StanbyME Go as the standout product of IFA 2023, introducing it as an exciting piece of camping and travel gear.

To discover more behind-the-scenes stories about LG’s latest innovations, stay tuned to LG Newsroom.

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Bigger the Screen, Bigger the Fun: How LG Smart TVs Make Home Hobbies Even More Memorable

A father and son play a game of chess game at a desk using the LG StanbyME Go model in table mode.

Home entertainment experiences are evolving to better match the unique preferences and tastes of users and add a touch of fun and enjoyment to their daily lives. In line with this trend, LG is taking the lead with its latest TVs, services and content so that everyone can access a more convenient home entertainment experience.

To bring greater pleasure to precious moments with family and friends, LG is introducing a range of new entertainment services to its smart TVs. From engaging casual games to lively karaoke sessions and creating unique content, LG Smart TVs are all about delivering an experience filled with enjoyment and excitement for everyone.

Amazing gaming experiences are provided by Busidol, the TV game developer behind the popular El Dorado series. LG TV owners can now enjoy six easy-to-play, 2D graphics-based hybrid casual games which support both Magic Motion Remote and the LG Lifestyle screens touch function.

The Chess: A Clash of Kings¹ invites family or friends to gather around an LG TV screen for a classic match of chess that can be played on either side of the virtual board.

LG also features board games like Billion Marble¹, which has players rolling three dice to move around the game board across various countries using in-game currency. Another game users can play is Incredible Tank¹, a shooting action game offering intense real-time battles and the ability to personalize items, level up their tanks and increase their rank by excelling on the battlefield.

The user-friendly games provided by LG Smart TVs sharpen the player’s focus: Hidden Catch¹ challenges players to spot the difference between two images, Card Match¹ puts their memory to the test against friends and Animal Hit¹ blends strategy with deduction by asking players to guess the card order.

Beyond gaming, LG Smart TVs will soon offer another form of entertainment with the upcoming introduction of K-araoke², a service which brings fun-filled karaoke nights home. Through weekly updates, this service keeps users in tune with the latest hits, while offering an extensive collection of popular songs to choose from. It also boasts an easy-to-navigate interface and will support USB microphone allowing for rating and scoring the performance for the ultimate karaoke experience.

Another new LG Smart TV companion combines interaction and engagement to elevate the entertainment experience. Introducing Selfie Cam,³ the first TV-dedicated selfie app, which uses the USB camera⁴ and the TV’s Magic Remote to take and decorate photos by adding motion stickers, fun effects or frames based on AI to make moments even more memorable.

With CELEBe,⁵ a short-form reward-based blockchain web3 platform, LG Smart TV users can enjoy various short-form content while earning rewards through in-app activities centered around content viewing. Thanks to this platform, users can create their own content via the editing tools provided and receive rewards based on the views they accumulate. This not only promotes greater engagement but also the generation of more high-quality content.

To learn more about the LG Home Entertainment Company’s efforts to deliver differentiated lifestyle experiences, stay tuned to the LG Newsroom.

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¹ Available on webOS 5.0 (2020 TV) or higher and LG StanbyME Go.
² Available on webOS 6.0 (2021 TV) or higher in Australia, Belgium, Canada, Czech Republic, Finland, France, Germany, Greece, Hungary, Italy, Netherlands, New Zealand, Norway, South Korea, Spain, United Kingdom and US.
³ Available on webOS 6.0 (2021 TV) or higher.
^{4 Selfie Cam requires the use of separate camera hardware, which is not bundled with the TVs. For optimal performance, compatible cameras with Full HD or higher resolutions are recommended. LG recommends using the Logitech C920, C922, C925, C930 or the LG Smart Cam when using this app}.
⁵ Available on webOS 4.0 (2018 TV) or higher in India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Thailand and Vietnam.

LG Hope Screens Light Up for World Food Day

FAO's advertisement displayed as a part of LG Hope Screen project

Since 2011, LG has been running the LG Hope Screen program under its ESG direction of Better Life for All, raising public awareness of serious social and environmental issues. Public service videos produced by international organizations and non-governmental organizations (NGOs) were able to catch the eyes of many by being displayed on LG’s billboards in the high-traffic pedestrian areas in two of the world’s most popular cities – New York’s iconic Times Square and London’s Piccadilly Circus.

In celebration of World Food Day (October 16), LG once again aired a campaign video on its outdoor billboards between October 9-22. World Food Day is celebrated annually to honor the founding of the United Nations Food and Agriculture Organization (FAO), a specialized agency to raise public awareness regarding global food shortages and efforts to address them.

The campaign video was produced by FAO under the theme, “Water is life. Water is food. Leave no one behind,” inspiring people to work together to end hunger. It aims to remind viewers of the value of water, an essential element for life and food, and to encourage people to put more thought and effort into water usage and conservation for a more sustainable future.

Previously, through the LG Hope Screen program, the company actively showed its support for the UNEP and World Environment Day by playing UNEP’s video on its billboards, providing significant exposure to the special day and encouraging more people to do their part to save the environment.

As a global corporate citizen, LG actively took part in campaigns to solve global social and environmental issues, including world hunger. LG India partnered with the Akshaya Patra Foundation to provide lunch to around 33,000 students in 11 states across the country since last year. Meanwhile, LG USA collaborated with the NGO Swipe Out Hunger to donate 120 refrigerator-freezers for food storage to 60 campuses in the United States, offering meals to 500,000 college students suffering from malnutrition.

In line with its ESG vision of Better Life for All, LG will continuously operate the LG Hope Screen program to raise awareness in public interest campaigns at a global level.

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Life’s Good Volunteer Day: Joining Hands for a Better Life

LG Vietnam employees painting a wall to renovate an old house

Good health, both physical and mental, heavily depends on having homes that are safe and hospitable. To spread the joy of owning a better home, LG Vietnam initiated Life’s Good Volunteer Day in Tu Ne, Tan Lac district, Hoa Binh, where it helped renovate local people’s houses.

This activity is part of the Life’s Good global campaign, which aims to deliver the true meaning of Life’s Good as well as to present LG’s new, dynamic and youthful brand identity across the world. With 20 LG employees actively participating in Life’s Good Volunteer Day, painting walls and perfecting homes together with locals, LG successfully demonstrated that Life’s Good is not just a corporate slogan but a mission that guides the company and its employees to work collectively towards improving the quality of life and creating a better society.

Song Ik-hwan, managing director of LG Electronics Vietnam, handing over a house key to a Muong family

The program is also a part of the Life’s Good: Hope Village project launched back in 2020 by LG and Habitat for Humanity (HFH) to build a quality living environment and sustainable development for inhabitants in remote areas of not only Vietnam but India and Kenya as well. Early this year, LG announced the total funding of USD 55,000 for the Hope Village project, which will be used for the renovation of infrastructure and homes in Tu Ne, a rural village in Vietnam.

Tu Ne was selected as a beneficiary of the project as 85 percent of its population are Muong ethnic minorities, many of whom are underprivileged without access to standard facilities in houses. And, with the region often experiencing adverse weather conditions, such as prolonged thunderstorms that are accompanied by landslides, it was a top priority to transform locals’ homes into safe shelters.

Life’s Good Volunteer Day was conceived and executed with the realization that the best and most effective way of spreading the meaning of Life’s Good is to join hands together to resolve real-life difficulties and challenges. With a successful handover of renewed houses to residents, the project showed LG’s commitment to creating a good life that is better for people, especially in regions with poor living conditions.

For years, LG has focused on improving facilities such as building new community toilets, repairing cultural houses, donating community book libraries and giving equal educational rights to young generations through school facility renovation. The company will further its initiatives to improve the lives of the local people, especially those living in remote areas, because LG believes that Life’s Good and everyone deserves such a right to enjoy it.

Contributed by LG Vietnam

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Spreading Power of Optimism by Improving Local Schools in Mongolia

Two Life's Good volunteers moving a heavy brick together

As a global corporate citizen, LG recognizes its social responsibility to provide a Better Life for All across the globe. The Life’s Good Volunteer Corps demonstrated its commitment to this mission as the company embarked on an overseas service trip to Mongolia with the goal of improving educational infrastructure.

The volunteer group visited local elementary and middle schools in Ulaanbaatar, the capital city of Mongolia, between October 2-6 with the aim to provide a high-quality learning environment, offering students of the next generation opportunities to succeed in their academic journey.

During the four-day period, the team worked to improve the infrastructure surrounding the elementary schools, installing sidewalk blocks near playgrounds and renovating facilities such as the schools’ basketball courts.

The team painted murals around the schools that exhibit illustrations of different occupations to inspire students to dream big for their future. The murals also feature the Life’s Good brand slogan as a reminder and encouragement of the company’s message to take on bold challenges with an optimistic attitude towards life.

Photo credit: Steven dosRemedios (Flickr)

Ulaanbaatar, the home of the schools bettered by the project, is the largest industrial city in Mongolia and claims responsibility for more than half of the national GDP. However, due to rapid urbanization, the city faces urban poverty and regional imbalance. To combat these serious issues, the Mongolian government is actively promoting urban development with South Korea as a role model.

Earlier this year, a delegation from Mongolia signed memorandums of understanding with South Korea on pursuing trade deals, climate change, construction and urban development as well as bilateral cultural exchange.

Launched in 2010, LG’s Life’s Good Volunteer Corps began with approximately 480 members across 31 teams and now has more than 600 members across 72 teams. The program works to provide assistance to a variety of communities with services such as home appliance repair, middle and high school mentorship, home improvement for senior citizens and donations of coal briquettes during the cold winter season.

The Volunteer Corps resumed operations this year following a temporary suspension due to the global pandemic. With the renewal of the program, more than 300 LG employees applied to take part in the service trip to Mongolia, and after careful document screening and interviews, 30 were selected to join.

This year’s program was meaningful in that it was organized by actively implementing opinions and feedback gathered from employees. LG ran a company-wide contest for two weeks via the online bulletin board to gather ideas for the volunteer program.

“Because I was able to directly express my opinion on the target country and details of the program, I felt I was actually involved in the creation of LG’s social contribution activities,” said Song Woo-won, professional at LG Electronics Home Appliance & Air Solution Company. “I was even happier to think that Mongolian students will benefit from our work and have lasting memories of LG Electronics and South Korea.”

The volunteer work in Mongolia exemplifies LG’s commitment to fulfill global corporate social responsibilities, and starting with this program, the company aims to expand its contribution activities to communities around the world, spreading LG’s mission to provide a Better Life for All.

“It was an activity that highlighted the employees’ dedication to creating a better world for all,” said Yoon Dae-sik, senior vice president of External Relations at LG Electronics. “LG will carry out its social responsibilities as a global corporate citizen and continue to radiate a positive influence in the international community through social contribution activities.”

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[On the Job] Making Appliances Accessible for Everyone: LG Universal UP Kit

Ha Young-soo, lead of the H&A Design Lab New Experience Design Task, Park Se-ra, a specialist at the LG H&A customer experience innovation planning team, and Lee Jae-kul, a senior specialist at LG’s CSO ESG strategy team

In this installment of On the Job, we look into the development of the Universal UP Kit to learn how LG’s inclusive innovation is providing usability and accessibility for all.

Imagine if every individual, regardless of their physical abilities, age or gender, could enjoy an effortless experience when using their home appliances. LG’s Universal UP Kit, unveiled at IFA this year, makes this inclusive vision a reality, providing innovative home appliance accessories and add-ons that leverage universal design to enhance accessibility and usability.

To develop the Universal UP Kit, an initiative that forms part of LG’s Environmental, Social and Governance (ESG) management strategy, the company brought together several teams, who collaborated closely to create solutions embracing the “Design for All” ethos. Read on to learn more about how the groundbreaking Universal UP Kit came into existence.

The journey began when LG product designers and developers held meetings with a wide spectrum of customers, including those with physical limitations. Feedback from these invaluable sessions highlighted the considerable need for physical tools or accessories – distinct from the Braille stickers the company previously introduced – that could make appliances easy to use for a broader range of people.

(From left to right) Ha Young-soo, lead of the H&A Design Lab New Experience Design Task, Park Se-ra, a specialist at the LG H&A customer experience innovation planning team, and Lee Jae-kul, a senior specialist at LG’s CSO ESG strategy team.

“We wanted to develop a kit offering practical solutions for improving the usability and accessibility of LG appliances, without necessitating any structural changes or the purchase of brand-new appliances,” remarked Ha Young-soo, lead of the H&A Design Lab New Experience Design Task.

The teams involved in the project set about translating the feedback from the meetings into tangible solutions. Prototypes were crafted using paper or wood, and then plastic samples were made on 3D printers, enabling the team members to get a better sense of the viability of their ‘outside-the-square’ designs.

During the development of each Universal UP Kit solution, LG focused on three key aspects of design: functionality, aesthetics and safety. Functionality and safety were the priorities, but the company also considered color and shape to ensure that every accessory harmonized seamlessly with the relevant appliances.

“This project’s strength lies in the initial emphasis we placed on design, and has resulted in products that are not only functional and convenient, but are also aesthetically pleasing,” explained Park Se-ra, a specialist at the LG H&A customer experience innovation planning team. “Taking this approach, we were able to accommodate the diverse needs of both disabled and non-disabled individuals and achieve a level of innovation that may not have been possible if we’d focused solely on safety and functionality.”

The Moving Drawer is a prime example of the Universal UP Kit designers’ concern for the safety of users, particularly those with physical limitations. Made for use with LG microwave ovens, the convenient Moving Drawer ensures a safer user experience by helping to minimize the risk of injury when taking hot food out of the microwave.

“Given the relatively long lifespan of home appliances, the Kit represents a useful solution for both previously-purchased and brand-new appliances,” commented Lee Jae-kul, a senior specialist at LG’s CSO ESG strategy team. “We think there is an opportunity here for continuous development and refinement through customer feedback and accessibility evaluations.”

In addition to the Universal UP Kit introduced at IFA, LG is actively developing and testing new Universal UP Kits that can be easily adapted for various product ranges. LG’s ultimate goal is to provide all LG appliance owners with a convenient and genuinely accessible user experience, ensuring a better life for all.

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